News has it: a new opportunity has surfaced with the discovery of water on the Moon. This gives rise to a novel entrepreneurial approach to space exploration. The establishment of the space industry will require significant quantities of resources to support the growth of this new economy.
However, to catalyze the growth, there is a dire need for an appropriate marketplace where resources may be made available for purchase. HashCash Consultants, a global blockchain development company, embarks on this mission to design a Space Commodities Exchange in collaboration with space industry leads.
Commodification refers to the conversion of physical goods and services into standardized contracts; transforming capital into contractual rights that vouch for the delivery of the said objects in the future. The HashCash project also entails the creation of NFTs of rare minerals collected or ejected from outer space.
The project involves developing a commodities exchange that enables the trade of space resources and extra-planetary rocks or minerals. Space contains such resources as we need to sustain an expanding, spacefaring civilization. Water, rocks, minerals, and other valuable commodities found on earth are also available on other planets; in greater quantities than those on Earth.
Resources involve raw materials required for the construction of space equipment. These involve those machineries which will channelize the valuable resources plentiful in space such as rare minerals, oxygen, or lunar water. In the words of Raj Chowdhury: “The progressing economy of space resources will be fuelled by the extraction, processing, transportation, and utilization of these commodities.
“However, developing a sturdy space economy would require a regulated public marketplace for buyers and sellers to meet and trade in space commodities and services using standardized commercial contracts.”
This may be further explained by the instance of lunar water miners and asteroid prospectors. Their raw materials must be available to space manufacturers and other consumers. The Space Commodities Exchange will provide the required platform for transactions, facilitating delivery.
HashCash features among the top blockchain development companies in terms of providing technology. It provides crypto solutions to institutional crypto adopters and financial institutions. HashCash enlists various solutions on its website including Stock Exchange and Commodity Exchange Software.
As the global space industry matures, it would naturally require a platform to bring the buyers and suppliers together. Obviously varied from generic commodities, the space commodities would require a specially constructed marketplace for the purpose. Under these conditions, there can be no better solution than a blockchain-powered decentralized platform to flag off the industry.
The culmination of joint efforts from the blockchain and space tech industry should provide the necessary boost required for the construction of a robust space economy. This would also encourage endeavors in various other forms enabling each to grow in synergy.